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a long-term debt and deficit problems, and these are the folks who have to fix it. how close are they? >> i think we're going over the cliff. >> we can't sit here and try to figure out what works for them. >> we look forward to the time when they are specific. >> they need to be more specific. >> they have to be willing to come to the table with specifics. >> we've not had any discussion and specifics with this president about the real problem. >> we need a response from the white house. we can't sit here and negotiate with ourselves. >> i will not play that game. >> further apart than ever. you've heard endless arguing about higher taxes on the rich. let's set that aside and talk about the sequester the budget wonk word for a thing that will touch every american. $1.2 trillion in automatic budget cuts over the next decade, 100 billion next year alone, half in defense and half in non-defense, defense programs cut by 9.4% across the board and non-defense programs 8.2%. agencies are being told to identify the cuts. how will you feel them? fewer food inspections are li
a long-term debt and deficit problems, and these are the folks who have to fix it. how close are they? >> i think we're going over the cliff. >> we can't sit here and try to figure out what works for them. >> we look forward to the time when they are specific. >> they need to be more specific. >> they have to be willing to come to the table with specifics. >> we've not had any discussion and specifics with this president about the real problem. >> we...
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going to require what i talked about during the campaign, which is a balanced, responsible approach to deficit reduction and unfortunately the speaker's proposal right now is still out of balance. >> nbc's luke russert begins the coverage live on capitol hill. luke, first read this morning put a rather positive spin on duelling deals arguing there's a silver lining if you split the difference. unpack that for us. >> reporter: s.e., you saw that the republicans' offer was immediately dismissed by the white house. president obama, his team of communications advisers saying it's more of the same and won't work. the speaker was not offering to raise taxes on those making 250 or above. that's a big sticking point. if you look at both plans and split the difference and run the math, if you take the 800 billion in revenue that speaker boehner has offered, the 1.6 trillion the white house wants, you split the difference 1.2. if you split the difference on the cuts, you get to 450, 500 billion. numbers that folks on both sides think is feasible in the realm of a large deal. i spoke to a senior republic
going to require what i talked about during the campaign, which is a balanced, responsible approach to deficit reduction and unfortunately the speaker's proposal right now is still out of balance. >> nbc's luke russert begins the coverage live on capitol hill. luke, first read this morning put a rather positive spin on duelling deals arguing there's a silver lining if you split the difference. unpack that for us. >> reporter: s.e., you saw that the republicans' offer was immediately...
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, the amount of the deficit itself. as governors we try to find common ground issues that we can bring to the president to speaker boehner, to leader reid to talk about and say, we want to grow our economy. we want to create jobs. we understand these are tough decisions that have to be made. we understand there whim be cuts on the federal side. the states will have a shared responsibility with those cuts. we have some specific things that we have suggested to the president. we'll suggest later on today to congress to give them some ideas of ways we think governors can help and also we think it's important that the governors have a seat at the table because ultimately it's the states that will also feel the effect of what happens in washington, d.c. >> you made that point, governor. i'm curious about the line in the sand for the president, and i'm sure he expressed his thoughts on the tax rate for those who make over $250,000. that revenue is needed. without, i guess, endorsing one plan over the other, where do you stand
, the amount of the deficit itself. as governors we try to find common ground issues that we can bring to the president to speaker boehner, to leader reid to talk about and say, we want to grow our economy. we want to create jobs. we understand these are tough decisions that have to be made. we understand there whim be cuts on the federal side. the states will have a shared responsibility with those cuts. we have some specific things that we have suggested to the president. we'll suggest later...
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we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of the first people that you called was the minority leader, senator dole. >> that's right. i called him right away, i went to see him almost immediately, and i said to him look, you've been here a long time, i'm relatively new, these are very tough jobs in the best of circumstances, and if we don't have some degree of trust between us, they will be impossible jobs. so i said to him i want to tell you how i intend to behave toward you and to ask that you behave towards me in the same way. and we agreed on the most basic of things. i told him i would not surprise him, that's important in the senate. that he wo
we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of...
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it would hardly make a dent in the yearly deficit and not even a chip of a cent off the debt. he said he would rather go over the fiscal cliff than not to raise tax rates. so obama pushing higher taxes on the top 2%, not for economic reasons but for i'd logical reasons but there is also this obvious fact. obama wants to raise the top rates for political reasons. now that is he wants to force republicans to raise tacks in order to trigger a civil war within the gop and the conservative movement, and in that respect sadly obama is having some success. now so long as this debate is focused not on cutting spending but on raising daxs and revenues with the only question being which taxes, how much revenue, then obama wins. now if obama succeeds in making the argument not about his spending, but about grover norquist, he wins there, too. for republicans, on the other hand, if they can figure out a way to refocus the debate on spending, they win and the country wins. we can't kid ourselves that's correct is not easy to do. obama has the biggest microphone in the land and he also has
it would hardly make a dent in the yearly deficit and not even a chip of a cent off the debt. he said he would rather go over the fiscal cliff than not to raise tax rates. so obama pushing higher taxes on the top 2%, not for economic reasons but for i'd logical reasons but there is also this obvious fact. obama wants to raise the top rates for political reasons. now that is he wants to force republicans to raise tacks in order to trigger a civil war within the gop and the conservative movement,...
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so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we see and hear about the fact this two-step plan getting something done for the middle class by the end of the year, does this set up the scenario we live in a perpetual state of fiscal cliff loopness, this is the same old dog and pony show every six months to a year fighting over the same things and not big, bold leadership? >> i hope not, certainly if it's not left up to president obama and congressional democrats. president obama proposed $4 trillion in deficit reduction, he has a balanced approach to take care of the middle class and that they have the certainty that they need that we make spending
so far what we've seen from republicans in the house does not work in terms of reducing the deficit. >> congresswoman, we are watching the president on our screen at the business roundtable. there was an issue with the poll microphone for the president's address so they've handed him a different microphone, the leaders inside this room can hear exactly what the president is saying but his audio is too low for us to be able to share it with everybody. we're still working on that. when we...
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and it's yet to present a plan that reduces our deficit. i'm willing to work with anyone who's willing to put a plan on the table. but our party, or anyone, should not sit down and negotiate. >> and i want you to weigh in because we're running out of time, but as far as a compromise on a marginal tax rate, let's say 36 or 37%. is that acceptable? >> no, no. my marge mall tax rate increases, if there is any increase in revenue, it just gives them more to play with over on capitol hill. when we talk about fairness, when the top 2% are already paying 45% of total income tax, that's a big question of fairness there. >> interesting stuff from the out going and the incoming head of the heritage foundation, senator demint leaving the senate causing some shock waves here in washington. other important news we're following. international suspicions that syria's regime may be preparing to use chemical weapons against its own people. we're going to talk about that and more with the special middle east envoy. the former british prime minister, tony bla
and it's yet to present a plan that reduces our deficit. i'm willing to work with anyone who's willing to put a plan on the table. but our party, or anyone, should not sit down and negotiate. >> and i want you to weigh in because we're running out of time, but as far as a compromise on a marginal tax rate, let's say 36 or 37%. is that acceptable? >> no, no. my marge mall tax rate increases, if there is any increase in revenue, it just gives them more to play with over on capitol...
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members of congress got together and gorged themselves at the table of deficit spending ordering up porterhouse sized tax cuts for their riff friends and a heaping helping of extended unemployment benefits for their out of work neighbors, something i support, by the way. now the bill comes due, and when it's time to whip out the national credit card, you whisper your sweet notion into the tea party's here and the gop threatens to dash as a matter of principle. who wants to put $16 trillion on the national credit card? who is pro-debt? no one. gop extremists get to pretend they're the adults in the room railing about spending that has already happened that they agreed to, and the best part you naughty, naughty, debt ceiling you, you offer them up a chance to get more goodies in the form of more tax cuts or the righteous thrill of cutting medicaid assistance from those obama-loving takers. for nearly 100 years now you were just this boring, nondescript wallflower, never drawing attention to yourself. when congress through spending and tax cuts came up against your limits, you were wordlessly elev
members of congress got together and gorged themselves at the table of deficit spending ordering up porterhouse sized tax cuts for their riff friends and a heaping helping of extended unemployment benefits for their out of work neighbors, something i support, by the way. now the bill comes due, and when it's time to whip out the national credit card, you whisper your sweet notion into the tea party's here and the gop threatens to dash as a matter of principle. who wants to put $16 trillion on...
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trillion a year deficit. you're not going to solve all that with tax increases and cutting discretionary programs. we have to fix the intitlement programs. we can talk about how we do it. >> you have to be specific, steve. because when you talk about fixing the entitlement programs, we're clear, social security is off the table. what do you mean? >> what secretary geithner said is on a separate process. >> we're talking about between now and 30 days from now. >> this is preeminently where a president has to lead and be specific. you can't expect the republicans to lead on an area that he's dominated in politically. >> here's an entitlement idea, a way to help support medicare, let them dictate price -- drug prices. >> steve, this, to me, is a much more interesting debate than tom and dan. because i think the president has done exactly what he's done in the past in this negotiating. he's not grinding it out with speaker boehner. he's out giving speeches, rallying his base. meeting with groups like moveon.org.
trillion a year deficit. you're not going to solve all that with tax increases and cutting discretionary programs. we have to fix the intitlement programs. we can talk about how we do it. >> you have to be specific, steve. because when you talk about fixing the entitlement programs, we're clear, social security is off the table. what do you mean? >> what secretary geithner said is on a separate process. >> we're talking about between now and 30 days from now. >> this is...
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social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income families? >> so the deal that we're talking about is halfway between the current rate and the former rate? >> well, i wouldn't say halfway. but i would say, as long as you can get to the revenues, if you can increase the rates and reduce the deductions for upper income households, you can get to the same dollar number and i think there's a willingness to entertain that. it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code
social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income...
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obama has this fetish of we've got to raise the rates on the top two because we're going to raise the deficit. >> who knew a balanced approach could be characterized as an obsession that evokes an erotic response. what this is about is the president drawing attention to a dirty little secret, their own fetish that republicans just don't like to hear ventilated in public. according to the congressional budget office in the years since 1979 as federal taxation has become less progressive, the income of the top 1% has grown by over $700,000, while the average pretax income for the bottom 90% of households has fallen by $900. did you get that. the top 1% up by $700,000, the bottom 90% down by $900. accusing the president of being obsessed is a
obama has this fetish of we've got to raise the rates on the top two because we're going to raise the deficit. >> who knew a balanced approach could be characterized as an obsession that evokes an erotic response. what this is about is the president drawing attention to a dirty little secret, their own fetish that republicans just don't like to hear ventilated in public. according to the congressional budget office in the years since 1979 as federal taxation has become less progressive,...
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we cannot raise taxes enough to take care of $1 trillion worth of deficit spending every single year. so let's get off of this and get on to the other side and start talking about what we have to do to cut our spending, to reform those entitlement programs that are the debt drivers and then do pro-growth tax reform that will stimulate the economy, get the money coming in. it's the best way to get money coming in and that gives everybody a job and helps to take care of the fiscal problem and balanced is what we need. >> congresswoman diane black, thank you for joining me this morning. i appreciate your time. >> thank you. >> i want to bring in our political power panel. political reporter, karen tumult, karen finney and robert trainam. karen, since i know you the best, i'm going to call you k-fin as not to confuse everyone. it seems the taxes are going to go up on the wealthy. the question is whether or not it's through the tax increases or closing the loopholes and the deductions. so do you think that we are closer to a deal today than yesterday if. >> i do. in that now they're puttin
we cannot raise taxes enough to take care of $1 trillion worth of deficit spending every single year. so let's get off of this and get on to the other side and start talking about what we have to do to cut our spending, to reform those entitlement programs that are the debt drivers and then do pro-growth tax reform that will stimulate the economy, get the money coming in. it's the best way to get money coming in and that gives everybody a job and helps to take care of the fiscal problem and...
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how do we get a handle on the growing $16 trillion deficit? coming up next, tim murphy of pennsylvania will be here to tell us what else the nation needs to do to get our economic house in order. have you heard about that tragic situation, josh brent, cowboys defensive lineman? he faces charges after a car crash that killed one of his teammates? that's straight ahead. >> it's really unfortunate that that happened, making an everyday decision that can affect everything everybody's life. >> i am sure it will be difficult to move on. but i am sure they will bounce back and be able to come around. s my husband and i can't stop eating 'em! what's...that... on your head? can curlers! tomato basil, potato with bacon... we've got a lot of empty cans. [ male announcer ] progresso. you gotta taste this soup. >> jamie: another sad story out of the,r of the nfl. a member of the dallas cowboys is facing manslaughter. josh brent was allegedly drunk and speeding during a car accident saturday morning that led to the death of his passenger and teammate jerry
how do we get a handle on the growing $16 trillion deficit? coming up next, tim murphy of pennsylvania will be here to tell us what else the nation needs to do to get our economic house in order. have you heard about that tragic situation, josh brent, cowboys defensive lineman? he faces charges after a car crash that killed one of his teammates? that's straight ahead. >> it's really unfortunate that that happened, making an everyday decision that can affect everything everybody's life....
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it isn't even dealing with the deficit problem that needs to be dealt with. as long as they are engaging, something is going to move here. >> molly, the priorities in these plans couldn't be more different with republicans getting almost everything through cuts. how could the white house begin to accept this at any level. are we headed for the cliff? >> the white house doesn't seem to be accepting it. the reaction from the other side seems to be, okay, this is a good start, but let's see something real. you can see, i think, the box that republicans have painted themselves into. i think this offer is sort of a recognition of how little leverage they have. they were being hurt by this perception that they weren't offering specifics and coming to the table. they offered something. it's going to make some conservatives scream with the tax hikes in it, but it's also not seeming to get any traction with democrats who are saying it's not specific enough and doesn't go far enough because it doesn't raise those rates. >> what about the report from abc news? what abou
it isn't even dealing with the deficit problem that needs to be dealt with. as long as they are engaging, something is going to move here. >> molly, the priorities in these plans couldn't be more different with republicans getting almost everything through cuts. how could the white house begin to accept this at any level. are we headed for the cliff? >> the white house doesn't seem to be accepting it. the reaction from the other side seems to be, okay, this is a good start, but...
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we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring. and for the obama administration, the question is, is it in their interest to trade tax cuts for the wealthy? increase for the wealthy for raising the age for eligibility for medicare, for example. i'm not sure that that's a trade that they are eager to make immediately. >> let me show you the side by side comparison. the president wants $1.6 trillion in revenue and republicans want to cap the same deductions for the rich but republicans want to change the age to 67 and change the way they calculate social security payments. i wonder, though, when we look at these numbers, a
we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring....
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since then, we have that $1.20 trillion deficits, $1.30 trillion deficits, and it simply is not enough. let's do some realistic mathematics, which everyone is ignoring. if we do some honest macros scoring, if you have a goal of stabilizing, it is not enough, because we get the demographic bust happening to us in 2020. we actually have to have our debt coming down if we have any chance of surviving the entitlements, so that is not enough. you really have to get a number like $6 trillion or $7 trillion, ok? let's give the president his fantasy about what he can get from the rich. we have got $1.20 trillion to go. i am sorry. not fighting the wars in iraq and afghanistan is not savings, any more than my not by a maserati next year is a savings. where are we going to get the money? we will need that in the future. say we get another $1.80 trillion in discretionary cuts. where are you going to get the other $3 trillion? there is only one other thing out here, and we do not want to admit it, and that leads ultimately you have to get money from others than the rich, and that is why i was inte
since then, we have that $1.20 trillion deficits, $1.30 trillion deficits, and it simply is not enough. let's do some realistic mathematics, which everyone is ignoring. if we do some honest macros scoring, if you have a goal of stabilizing, it is not enough, because we get the demographic bust happening to us in 2020. we actually have to have our debt coming down if we have any chance of surviving the entitlements, so that is not enough. you really have to get a number like $6 trillion or $7...
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i'm saying at some point, talking about the attention deficit disorder that this nation suffers from in terms of politics, the poor have to have a spokesperson to articulate their viewpoints, a marion wright etleman, someone who speaks about the devastation the poor endured. there's a value in speaking it into existence so on shows like this or sunday morning programs the poor have a seat at the table. >> think of the man with the golden throat a spokesperson on this hour, which i applaud you. >> where is john edwards? >> john edwards. >> getting a haircut. >> if there was an oil painting of john edwards -- the haircut's not the first thing they'd mention. nbc's -- >> john edwards has an oil painting of himself in his house, i bet money on that. >> she didn't say oily. >> the seasonally elegant luke russert, thank you for joining us. and cnbc's john harwood, thank you. >>> fast-food works are joining thousands of low-wage earners in a day of solidarity. our super sized income problem in america ahead on "now." >>> time for the "your business" entrepreneur of the week. lauren wanted t
i'm saying at some point, talking about the attention deficit disorder that this nation suffers from in terms of politics, the poor have to have a spokesperson to articulate their viewpoints, a marion wright etleman, someone who speaks about the devastation the poor endured. there's a value in speaking it into existence so on shows like this or sunday morning programs the poor have a seat at the table. >> think of the man with the golden throat a spokesperson on this hour, which i applaud...
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a lot and create the ability to deal with our deficit more reasonably and still provide for people in a more reasonable way. >> so, jared, another area of concern is republicans are now threatening to use the debt ceiling again to basically take the country hostage again. yesterday i compared the debt ceiling -- >> when you talk about the debt ceiling you get very loud. >> i get very emotional. i don't know about that. i do get very emotional. i compared it it to physicianle c fiscal syphilis yesterday. >> i heard your rant. i linked to it on my blog. >> thank you. last time they took the country hostage, it was very damaging, i think, for confidence in our political system, the u.s. credit rating was actually downgraded. it didn't seem to have that much of an impact on the economy. what can we expect if republicans do decide to use that same tactic again? >> oh, i think we can expect a real economic chaos. the reason why things worked out okay last night was because we actually increased the debt ceiling at the end of the day. the president has been very clear that he's not going to
a lot and create the ability to deal with our deficit more reasonably and still provide for people in a more reasonable way. >> so, jared, another area of concern is republicans are now threatening to use the debt ceiling again to basically take the country hostage again. yesterday i compared the debt ceiling -- >> when you talk about the debt ceiling you get very loud. >> i get very emotional. i don't know about that. i do get very emotional. i compared it it to physicianle c...
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i mean, we have a -- we have a big problem in terms of the deficits we're running. but let me just ask you this crucial question about where we're going to go from here, grover. because i know you have this kind of soul-searching moment in front of you. where you can keep going ahead and saying no revenue, right? has to be revenue-neutral. and you might lose. or you can start to bend a little bit. are you going to have to start to bend? >> well, i'm in favor of more revenue. if you talk about the tax reform that speaker boehner has talked about in the letter that he and all the republican leadership sent to obama asking him to get serious about spending restraint, which he hasn't done yet -- >> but can i just clarify -- >> reduce rates and broaden the base. >> it didn't say for sure let's reduce rates. >> yes, it did. >> it opened the door to reducing rates -- john boehner has put on the table before he would be willing to raise revenue without cutting rates. >> no, in the context of tax reform, i think the letter is very clear. in the context of tax reform, which r
i mean, we have a -- we have a big problem in terms of the deficits we're running. but let me just ask you this crucial question about where we're going to go from here, grover. because i know you have this kind of soul-searching moment in front of you. where you can keep going ahead and saying no revenue, right? has to be revenue-neutral. and you might lose. or you can start to bend a little bit. are you going to have to start to bend? >> well, i'm in favor of more revenue. if you talk...
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we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on what we are told are a number of issues. >>shepard: thank you, mike, from washington, dc. we know that business collects information from us when we go to our website our mobile apps. usually it is legal. there is a new law that requires companies to notify you if it is taking information from you. to law is about to be put to the test. i got word in the last 30 seconds and a ruling from the supreme court, a decision from the supreme court, actually, on whether it will hear a same-sex marriage case and the constitutionality of that. the answer is "yes" the court has notified us. all energy development comes with some risk, but proven technologies allow natural gas producers to supply affordable, cleaner energy, while protecting our environment. across america, these technologies protect air - by monitoring air quality and redu
we cannot cut your way to deficit reduction. what reduces the deficit are jobs. job creation. after spending cuts, and medicare saving, and next is the revenue. >>reporter: leader pelosi spent time at the white house today meeting with president obama on what we are told are a number of issues. >>shepard: thank you, mike, from washington, dc. we know that business collects information from us when we go to our website our mobile apps. usually it is legal. there is a new law that...
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but if we're serious about reducing our deficit, we've also got to be serious about investing in the thiges that help us grow and make the middle class strong. >> as for speaker boehner, he continued his political posturing today with a statement. quote, the republican offer made last week remains the republican offer, and we continue to wait for the president to identify the spending cuts he's willing to make as part of the balanced approach he promised the american people. that said, an increasingly limber group of republicans are showing flekx 5eb89 on higher rates for top earners arguing raising rates on the rich will give them greater leverage on spending cuts. >> a lot of people are putting forth a theory and i actually think it has merit where you go ahead and give the president the 2% increase that he's talking about, the rate increase on the top 2%. and all of a sudden the shift goes back to entitlements. >> will i accept a tax increase as a part of a deal to actually solve our problems? yes. >> i don't know. perhaps democrats have been giving republicans yoga gift cards for
but if we're serious about reducing our deficit, we've also got to be serious about investing in the thiges that help us grow and make the middle class strong. >> as for speaker boehner, he continued his political posturing today with a statement. quote, the republican offer made last week remains the republican offer, and we continue to wait for the president to identify the spending cuts he's willing to make as part of the balanced approach he promised the american people. that said, an...
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social security has not contributed one penny to the deficit. it's just irresponsible to even put social security in a discussion as we are trying to get some kind of deal. medicare can, i think, be massaged in terms of means testing. with the upper income individuals paying more or sometimes all of their medical expenses. it makes no sense for the government to pay medicare costs for somebody who is earning $700,000 a year. a million dollars a year. so i think we can do some means testing. but by no means am i saying it the means test should be low enough so that our elderly and our poorest americans are going to pay for the deficit. but we want a deal. we want a deal. we'll deal with medicare. and keep in mind, i think this is very important. if the bush tax cuts are expired, as they will be, just as sure as today is friday, they are gone, that generates $950 billion toward the deficit over a ten-year period. we'd set aside $1.2 trillion. we're almost there. and if you do means testing on medicare, we make it. >> well, the republicans would ne
social security has not contributed one penny to the deficit. it's just irresponsible to even put social security in a discussion as we are trying to get some kind of deal. medicare can, i think, be massaged in terms of means testing. with the upper income individuals paying more or sometimes all of their medical expenses. it makes no sense for the government to pay medicare costs for somebody who is earning $700,000 a year. a million dollars a year. so i think we can do some means testing. but...
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Dec 9, 2012
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we already have a $292 billion deficit. but in those two months, revenues have increased by 10%. $30 billion. you only get $31 billion in the first year when you raise those two rates. but you know what the problem is? we increased spending by 16%, $87 billion. this is more about a spending problem, not a taxing problem. and that's the problem with washington. >> first of all, congressman, you threw out a number there, there are a lot of numbers that can confuse people. you talk about $31 billion. the reality is, over 10 years, based on documents i have seen from republicans, raising the top rates would get you over $400 billion in new revenue. so that is a fact that both sides agree on. >> david, in two months of this new first cal year, you have achieved $30 billion more in revenue, but 16% increase in spending. it is a spending problem. and the president wants to increase taxes to continue the spending. he proposed a plan that put a new spend list in that added more than just the top two rates' worth in the first year. t
we already have a $292 billion deficit. but in those two months, revenues have increased by 10%. $30 billion. you only get $31 billion in the first year when you raise those two rates. but you know what the problem is? we increased spending by 16%, $87 billion. this is more about a spending problem, not a taxing problem. and that's the problem with washington. >> first of all, congressman, you threw out a number there, there are a lot of numbers that can confuse people. you talk about $31...
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it makes the deficit better. it would go a long way toward curing the deficit, but the deficit isn't the immediate problem for most people, the weak economy is. >> i agree. >> and if we dive off the fiscal cliff, the economy could get much weaker. that's -- >> by the way -- >> -- millions of americans. it's a problem for barack obama. >> just to back you up, i really think the great thing is the economy is just starting to lift up. the unemployment rate is really starting to come down. we're getting good job production. thank you so much, ladies, for coming on tonight. thanks for the sharp thinking we got tonight. >>> up next, if you can't win by the rules, change them. that's what republicans are trying to do in pennsylvania. they don't like the electoral college because it didn't work for them. come back for the place for politics. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transfor
it makes the deficit better. it would go a long way toward curing the deficit, but the deficit isn't the immediate problem for most people, the weak economy is. >> i agree. >> and if we dive off the fiscal cliff, the economy could get much weaker. that's -- >> by the way -- >> -- millions of americans. it's a problem for barack obama. >> just to back you up, i really think the great thing is the economy is just starting to lift up. the unemployment rate is really...
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that will have the worst impact on the deficit that anything will. we got to make sure that the economy continuebes to grow. that is the problem here. i know democrats have this blood lust to raise taxes on supposedly rich people, which are really small business people. but it is not going to do anything to grow the economy. here is what president obama needs. he has to make sure the economy grows. he will be a two-term jimmy carter if the economy goes back in recession and we can't pull ourselves out of this thing. >> eric: i heard you laugh, martin on the "two-term jimmy carter" line. >> he doesn't want to be a two-term george w. bush that took us in a steep recession. >> hey, you are the one with the bush tax cut. >> this can be worked out. everybody knows that. you can raise rates a point or two, that is not going to be end of the world. republicans understand that. let's get through with the fear we have had a couple of weeks of theater and let's get down to serious negotiations. i don't think the republicans want to fight to the death to protec
that will have the worst impact on the deficit that anything will. we got to make sure that the economy continuebes to grow. that is the problem here. i know democrats have this blood lust to raise taxes on supposedly rich people, which are really small business people. but it is not going to do anything to grow the economy. here is what president obama needs. he has to make sure the economy grows. he will be a two-term jimmy carter if the economy goes back in recession and we can't pull...
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Dec 4, 2012
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white house is willing to give up and i think the plan is reductions in spending and what is increasing deficit is not that the rich is not paying enough taxes. >> what is going to come from the left? because david brooks from the "new york times" made this observation. republicans have to realize that they are going to cave on tax rates. the only question is, what do they get in return? as we know, tax rates are a must-have for the president, the revenue there as alfonso was pointing out, revenueses are on the table. what are democrats willing to put on the table in return for that in a form of concession or perception of concession? >> i think that the democrats are prepared to meet them halfway. but let's be very clear and i want my colleague to hear me as well, we're not going to relate gate the campaign. the president ran on the seminol issue that he will raise the tax rate on the richer americans. it's very clear. your party ran on a very different story. you guys lost. the president is putting forward the plan that he ran on. he's come to the table with a very detailed plan. let's be cle
white house is willing to give up and i think the plan is reductions in spending and what is increasing deficit is not that the rich is not paying enough taxes. >> what is going to come from the left? because david brooks from the "new york times" made this observation. republicans have to realize that they are going to cave on tax rates. the only question is, what do they get in return? as we know, tax rates are a must-have for the president, the revenue there as alfonso was...
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Dec 6, 2012
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raised on those upper income americans, even though only 19% think it will have much of an impact on deficits. it's not about the fiscal crisis. it's about fairness in the minds of most americans. president obama understands that and republicans don't. >> is that because in your polling day, i always thought that people favored spending reduction and favored smaller government. this may be a mistake that the gop has not emphasized spending cuts. >> they certainly do. most people -- two out of three people want to see a deal that includes both tax hikes and spending cuts. they want to see more spending cuts, but they don't expect spending cuts to come out of this no matter what happens. in fact, the one thing that most people in the middle class believe is that regardless of whether we go over the fiscal cliff or whether a deal is reached to avert that, middle class taxes are going up, and so is spending. so there's a lot of cynicism in this process. >> real quick -- >> that's why the president has the edge. >> bottom line, the republicans are poised to take a fall? is that what your numbers s
raised on those upper income americans, even though only 19% think it will have much of an impact on deficits. it's not about the fiscal crisis. it's about fairness in the minds of most americans. president obama understands that and republicans don't. >> is that because in your polling day, i always thought that people favored spending reduction and favored smaller government. this may be a mistake that the gop has not emphasized spending cuts. >> they certainly do. most people --...
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Dec 7, 2012
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so security trust fund doesn't have anything to do with the debt and deficit. but the idea that we're going to simply kick the can on that and have across the board social security cuts, you know, 15 years from now because we didn't step up responsibly i think does a great disservice to those who expected to have those benefits when they reach retirement age. >> senator mark warner, thank you for your time today. >> thank you, richard. >>> let's bring in our political power panel, melinda, democratic strategist morris reed. let's start with you hogan. i want to start with this. senator harry reid used an interesting analogy on the floor to describe the current state of the republican party. listen to this first. >> he's got a problem. he has three quarter backs, sanchez, he's got tim tebow, a guy by the name of mcilroy. he can't describe who is going to be the quarterback. that's the same problem that the republicans are having. romney is there but he's in the background. who is the quarterback, mr. president. >> hogan, what do you think? who's the quarterback?
so security trust fund doesn't have anything to do with the debt and deficit. but the idea that we're going to simply kick the can on that and have across the board social security cuts, you know, 15 years from now because we didn't step up responsibly i think does a great disservice to those who expected to have those benefits when they reach retirement age. >> senator mark warner, thank you for your time today. >> thank you, richard. >>> let's bring in our political power...
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Dec 5, 2012
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number two, if we don't get our arms around the debt and lower the debt and deficits of the u.s., what are the implications for our kids? what are the implications for the economy? give it to us straight. >> there's no question that the most important challenge for us to tackle here is controlling health care costs. medicare is at the center of it when it comes to the budget. we're going to have to do as much as possible to get on top of the fact that health care costs squeezing out the rest of the budget. that's true through the whole system, and we're going to have to fix the way that entitlement program works. in terms of what this means for the country, the whole issue here is are we going to leave the economy strong enough for the next generation? that's what this comes down to. what we're going now, we're making these short-term choices. we've been make them for years. we're spending more than we're willing to pay for, and we're basically saying to the next generation, here's the bill. and it's going to just undermine the strength of the economy. i should point out, we're not bor
number two, if we don't get our arms around the debt and lower the debt and deficits of the u.s., what are the implications for our kids? what are the implications for the economy? give it to us straight. >> there's no question that the most important challenge for us to tackle here is controlling health care costs. medicare is at the center of it when it comes to the budget. we're going to have to do as much as possible to get on top of the fact that health care costs squeezing out the...
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Dec 8, 2012
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the argument for cutting 65 and 67 years old out of medicare in a deficit talk is simple. it saves money. the keizer family foundation estimates that when it's all said and done, the government could save $5.7 billion in the first year of that plan. but those 65 and 66-year-olds they don't disappear. they are still going to be here and they are even going to get sick sometimes, which means the savings we'd see by kicking them off medicare rolls will pop back up in the economy. it's not pure savings, it's a cost shift. first and foremost, you're going to see increased costs for seniors who will have to find another health insurer since medicare is huge and uses its bargaining power to pay less by quite a bit. the seniors turning to private insurance will have to pay more for the same coverage. 3.7 billion more in the first year of the policy. for those 65 and 66 years old who are eligible for medicaid, states will have to pick up some of that tab. so three-quarters of a billion dollars will pick up that tab, we think. then there are the employers. many of the ineligible wil
the argument for cutting 65 and 67 years old out of medicare in a deficit talk is simple. it saves money. the keizer family foundation estimates that when it's all said and done, the government could save $5.7 billion in the first year of that plan. but those 65 and 66-year-olds they don't disappear. they are still going to be here and they are even going to get sick sometimes, which means the savings we'd see by kicking them off medicare rolls will pop back up in the economy. it's not pure...
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Dec 3, 2012
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there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last year when they raised the debt ceiling would be better than doing nothing. it's separate from the ougautomc tax increase that happens on january 1. our preferred strategy here would be to accept the sequester now knowing that congress is not going to do something more rational. they're not going to take on more fundamental spending reforms and push off increasing taxes. and let's have a ration conversation about fundamental tax reform in the first six months of next year. nothing congress does in this panic is going to be rational public policy regardless of ideology. >> isn't it fair to say no matter what,
there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last...
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Dec 7, 2012
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we needed more aggregate demand, deficit spending, we needed public worse an easy money policy. that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't understand this idea of cocky cutter economics where you simply do the same thing regardless of circumstances. you analyze the data, look at the economy, you come up with policies that are appropriate. >> eliot: now, you have been a rather harsh critic of the way the second president bush ran the economy basically saying he disa vowed principles and put in place massive spending without caring about deficits at all. you were there. what happened as you saw this and did you push back? >> oh, yes i wrote a book called imposter, president bush destroyed the economy. which got me fired from my think tank job
we needed more aggregate demand, deficit spending, we needed public worse an easy money policy. that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't...
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. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600 billion in savings from our entitlement programs. including our healthcare entitlement program. jay carney went so far to compare republican pressure on debt creeling to hostage taking. >> this is a profoundly bad idea that i think could not be more frightening for american businesses. and american workers. >> of course, treasury secretary geithner it go may have also frightened people yesterday. by telling cnbc the white house is prepared to go off the fiscal cliff, unless the republicans bend on taxes. comment by former democratic presidential candidate howard dean frightened republics that
. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600...
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the campaign, congratulations, you had a great victory, and let's get serious about dealing with this deficit and debt here at the end of the year. >> back to the president's comments. he had yet before to explicitly say rates had to go up on those earning $250,000 or more. that was the white house position. that is their condition now for a deal. it's in the face of what republicans want saying no rate increases; however, a little wiggle room, and the president didn't rule out a smaller rate increase than he's calling for could be a part of a final product if they get to that stage. lizly thank you very much, rich edson. david: we have a governor who says his state takes the right action to prevent falling off its own fiscal cliff and the president can learn a lot. liz: joining us now is the iowa governor, and, governor, let us just explain that to the viewers. you deal with a democratic legislature, and you managed to get things done. you could show by example. how have you done it? what do you think inside the beltway crowd is doing wrong here? >> well, they need to get past the politics,
the campaign, congratulations, you had a great victory, and let's get serious about dealing with this deficit and debt here at the end of the year. >> back to the president's comments. he had yet before to explicitly say rates had to go up on those earning $250,000 or more. that was the white house position. that is their condition now for a deal. it's in the face of what republicans want saying no rate increases; however, a little wiggle room, and the president didn't rule out a smaller...
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his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >> it was on the table. did the president agree to it? it may have been close to an agreement to it. if he agreed to it we might not have some problem today. >> is that on the table now. of course, it's on the table. >> no, is it on the table from their point of view. >> well, there are a lot of items on the table. the president knows what they are. the question is what are they willing to do. >> you are starting it have some political problems because you are starting to have some split necessary your ranks. i don't have to tell you one of the top
his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >>...
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you cut taxes, you grow the economy, you reduce the deficit. it almost seems like someone who would have tried to run for president maybe on a line like that. surely republicans could win on that platform unless it didn't win. >> exactly. they've all been quick to distance themselves from mitt romney, except they have presented his plan as their own. i guess maybe it was their plan to begin with in the form of paul ryan, and, you know, look, it's just not going to fly with the american people and the days go on. what i really think, if i were giving them political advice, i think tom cole, a representative among them who is probably one of the smarter political tacticians in their party gave them some advice. let's get this over with. let's not be the party that looks like we're only looking out for the top 2%. but that's really, martin, exactly what they look like. the differences here i think to most americans are fairly small. let's keep taxes low for 98% of americans and lets ask the wealthy to pay a little more but it looks like republican
you cut taxes, you grow the economy, you reduce the deficit. it almost seems like someone who would have tried to run for president maybe on a line like that. surely republicans could win on that platform unless it didn't win. >> exactly. they've all been quick to distance themselves from mitt romney, except they have presented his plan as their own. i guess maybe it was their plan to begin with in the form of paul ryan, and, you know, look, it's just not going to fly with the american...
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so, yeah, this is something that's going to be put on the table along with the deficit increase and the debt limit, and so, yeah, i think boehner and others have that -- those cards that they can play. the problem is you've got right in front of you the more immediate concerns before you even get to the discussion about unemployment and insurance and the cost of those programs, the money that currently goes on-line or comes own line in terms of fiscal cliff spending and revenue raised in the next three weeks, and, yes, that's at the end of the month. they'll get through that, but, again, you want to have leverage when you have that conversation. that leverage is going to, i think, hinge off of what you were saying, and i think you're right. boehner has probably the better hand to play here given that really there's not a strong hand, but it's a better hand than what he otherwise would have in terms of negotiations. if he is just allowed get in the room and negotiate the deal because he knows he has all these other, you know, arrows in his quiver that he can use. >> i just -- i think it'
so, yeah, this is something that's going to be put on the table along with the deficit increase and the debt limit, and so, yeah, i think boehner and others have that -- those cards that they can play. the problem is you've got right in front of you the more immediate concerns before you even get to the discussion about unemployment and insurance and the cost of those programs, the money that currently goes on-line or comes own line in terms of fiscal cliff spending and revenue raised in the...